JSC Latvijas kugnieciba (Latvian Shipping Company – LASCO) consolidated unaudited financial report for nine months 2008 shows net profit in the amount of USD 65,6 million, exceeding the amount earned over the respective period a year before by USD 1,7 million. The Net Voyage Result has grown for almost USD 10 million reaching USD 163,9 million during the report period compared to USD 154,3 million last year.
Both, the vessel operating profit (USD 49,6 million) and successful sale of five elderly vessels (USD 45,2 million) have secured the positive LASCO performance results, informed BC JSC Latvijas kugnieciba Head of PR Department Marita Ozolina-Tumanovska.
LASCO assets have grown during the report period reaching USD 928,8 million on September 30, 2008. The LASCO Group equity value has been USD 552,8 million at the end of the report period and the earnings per share (EPS), regardless of the highly unfavorable situation in the global stock markets, have reached USD 0,34 compared to USD 0,32 for the same period of 2007.
All the LASCO shares are being traded publicly at the Official List of Riga Stock Exchange. LASCO shares have comprised more than 50 per cent of the total turnover by the number of shares traded at Riga Stock Exchange – in nine months of year 2008 there have been 2 218 transactions made with 6,36 million LASCO shares for the total value of LVL 7,05 million.
At the end of September 2008 the fleet in LASCO commercial management consisted of 33 tankers, two LPG carriers and one dry cargo ship. During the report period LASCO has sold three elderly tankers, two reefer vessels and has received a tanker newbuilding Salacgriva. LASCO has been proceeding also with the management of three vessels belonging to other shipowners on time charter basis.